The Tampa-based power company said in a statement that projections in its filing with the state Public Service Commission show the average customer would pay $108.39 a month based on 1,000 kilowatt hours of usage or $1.22 less than current rates.

Industrial and commercial users could see a bigger break of 1.7 and 3 percent respectively.

The drop in rates is largely attributed to low natural gas prices.

"Tampa Electric continues to have some of the lowest rates in Florida," said Gordon Gillette, president of Tampa Electric. "We are proud to provide outstanding value to our customers every day – for about the cost of a gallon of gasoline."

The overall good news is tempered by a slight rate increase during the last two months of this year that was approved by the PSC last year.

In November and December, the average Tampa Electric residential customer bill will rise by 53 cents, as part of the 2013 rate settlement that is being phased in over three years.

The state's other investor owned utilities, including Duke Energy Florida, also were expected to file their fuel cost projections Friday.